Inovalis Looks Abroad
Toronto’s Inovalis Real Estate Investment Trust announced today it had entered into a 50-50 JV with a “global institutional investor” to buy an eight-storey office building in Duisburg, Germany, for a $67.5M. The 217k SF tower is fully let to Mitsubishi Hitachi Power Systems Europe GmbH in a lease that expires in 2020, part of what newly appointed Inovalis CIO Khalil Hankach says is its growth plan of sourcing out well-located, high-quality properties with stable cash flows. (Or just the knowledge that global deals guarantee better food at celebration dinners.) The REIT isn’t raising additional equity capital to fund its portion of the acquisition—a combination of existing cash on hand, proceeds from refinancing and a first mortgage of $18.4M is funding Inovalis’ share.
